The Dow rally continued but the S&P 500 and Nasdaq Composite fell on Monday after six sessions of gains, weighed by tech sector stocks, while a rally in energy shares petered out as crude oil gains withered. Bobbi Rebell reports.
The Dow has closed at record highs now 15 times since the election including Monday. The major U.S. indices finishing out the first day of the week mixed overall. The focus is squarely on the Fed meeting that starts Tuesday, and wraps up with a rate decision on Wednesday. Meridian Equity Partners' Jonathan Corpina is a little concerned: SOUNDBITE: JONATHAN CORPINA, SENIOR MANAGING PARTNER, MERIDIAN EQUITY PARTNERS (ENGLISH) SAYING: "The whole thing might disrupt the market rally in itself. Go back a year ago. We knew the Fed was going to raise rates at the end of December. It was very clearly orchestrated. We kind of knew what they were going to say afterwards, yet, when that happened, the market did not know what to do with itself. End of December, last two weeks of December, we did not see the Santa Claus rally. Market tumbled. January and February were very poor performing months. " Oil prices gained as much as 6.5 percent to an 18-month high, after OPEC, and some of its rivals, reached their first deal since 2001 to jointly reduce output to try to tackle global oversupply and boost prices. Lockheed Martin stock took a hit after Donald Trump tweeted that the company's F-35 program, and costs were "out of control". Viacom fell sharply hitting a two-month low after Sumner Redstone's National Amusements withdrew its merger proposal for CBS and Viacom. Europe shares pulled back from 11-month highs despite a rise in oil related stocks.